Renting a horse property - Page 4 - The Horse Forum
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post #31 of 36 Old 12-21-2016, 04:27 PM
Join Date: Jan 2011
Location: Palmyra, Wisconsin
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Originally Posted by Acadianartist View Post
Sorry, don't mean to get personal. You know what you can afford. BUT, you're saying you "should" be bringing in decent money, "probably" close to... are you a student now? It sounds like you're not sure what your income will be. Do you not have a job yet? Is that part of the reason you're talking about renting rather than buying? That's fine, but not at 3500$ a month.

So let's say you're right and you will, at some point in the near future, make 6K a month between the two of you, you're talking about putting a over a third of that towards a mortgage payment. Over half if you rent, but you already know that's a really bad deal. The house/barn needs repairs and this doesn't include utilities. All I can tell you is that my husband and I make significantly more than 6K a month after taxes between us and our mortgage payment is nowhere near a third of our income. Yet there is very little money left at the end of the each month. Mind you, we have to kids (we joke that if we didn't have kids, we'd be rich), which presumably, you don't. Still, it would be a shame to paint yourself into a corner, financially speaking. On paper, it can sound very feasible, but when you're living it day-to-day, things can get tight really fast. I see too many young couples end up house poor. The bank will try to convince you to borrow more - they did so with us. Don't. Best to start small and grow over time than get in over your head when you're just starting out.
They both are RN's & working full time. I think the 'should be' comes from getting new jobs in the area which could be a slight pay difference.
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post #32 of 36 Old 12-21-2016, 05:21 PM
Join Date: Sep 2011
Location: california
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See what she would do with rent for the house plus however many stalls you want, not the 'boarder ' portion. If she wants you to manage the boarding barn, then get a fee or reduced rent for doing such, have her supply the hay , grains, bedding and the checks for board made directly to her.
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post #33 of 36 Old 12-21-2016, 05:41 PM
Join Date: Apr 2015
Location: Canada
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Originally Posted by natisha View Post
They both are RN's & working full time. I think the 'should be' comes from getting new jobs in the area which could be a slight pay difference.
Oh thanks natisha. I missed that.
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post #34 of 36 Old 12-21-2016, 06:25 PM Thread Starter
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@Acadianartist , We are both RNs. I'm a critical care nurse, my SO is labor and delivery. We are going to be moving almost 4 hours away from home. The pay scale is different, but so is the cost of living and the housing market. Currently I'm making $43 and hour and my SO $50, when we move I'm approximating our salaries will be at the lowest $30. Inexperienced RNs are making $28, while more experienced RNs are making $35. I guestimated that after Uncle Sam takes his 1/3 in taxes we'd be left with about $6,000. I could find a job a little further away that would pay more. I even found one job that would pay the same, but it would be per diem critical care float pool working out of a few different hospitals. All and all the nursing market is pretty strong in PA. The ball would be in my corner regarding pay, even if I can squeeze of a few extra dollars.

Once she gives me word on the price tag of the property I'll be taking the numbers to my accountant and have her give me a better idea if it's workable or not. As much as I'd like this to work I do not want to be in a position where I'm relying on barn income or living on the edge of poverty. I know numbers all seem wonderful in a plan or on paper, but rent would be giving me a chance to LIVE those numbers. If it doesn't work out we just pick up and move.

@natisha I haven't looked into a realtor. If this doesn't pan out we will stay on Long Island for a little while longer to save money. Moving out to PA is in the plan, but not the immediate plan. This is just something that happened to come my way. Ideally I'd rather be about an hour more northeast.
@stevenson That was another thing I was thinking of. Let her deal with the financial aspect and I'll just run it for reduction in rent. Only problem.. I'd be at her mercy. If she wants to take in 9 boarders, then 9 it is. I'll already have a full time job, and 9 horses would be WAY too much. Plus, this is supposed to be a financial trial run.

As for the buy a house and build, idk. I feel that "some day" will never become today. There will always be something coming up, whether its bills or kids. I like that this place is all together. The riding ring was professionally done. The barn has a lot of extras (outlets for heated buckets, doors for run ins in the back, regular stairs to a large hay loft, heated wash stall, climate controlled tack room, foaling stall). All the fencing is already in, plus there are run-in sheds in almost every pasture. It would take years, if not decades, to have the property built up like this starting from scratch.
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post #35 of 36 Old 12-22-2016, 02:25 AM
Green Broke
Join Date: Aug 2009
Location: New South Wales, Australia
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Can you just rent the house for six months to suss it out while she continues to manage the barn?

This is far too complicated. Maybe rent elsewhere and wait for a sale price. Otherwise it will just get messy.
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post #36 of 36 Old 12-22-2016, 02:01 PM Thread Starter
Join Date: Dec 2011
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Submitted an update in the Real Estate Opportunity thread since that was the original "journal" for this adventure.

Sneak peak: the appraisal is in!!
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